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Books > History > History of specific subjects > Economic history
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The Power and Independence of the Federal Reserve (Hardcover)
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The Power and Independence of the Federal Reserve (Hardcover)
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The independence of the Federal Reserve is considered a cornerstone
of its identity, crucial for keeping monetary policy decisions free
of electoral politics. But do we really understand what is meant by
"Federal Reserve independence"? Using scores of examples from the
Fed's rich history, The Power and Independence of the Federal
Reserve shows that much common wisdom about the nation's central
bank is inaccurate. Legal scholar and financial historian Peter
Conti-Brown provides an in-depth look at the Fed's place in
government, its internal governance structure, and its
relationships to such individuals and groups as the president,
Congress, economists, and bankers. Exploring how the Fed regulates
the global economy and handles its own internal politics, and how
the law does--and does not--define the Fed's power, Conti-Brown
captures and clarifies the central bank's defining complexities. He
examines the foundations of the Federal Reserve Act of 1913, which
established a system of central banks, and the ways that subsequent
generations have redefined the organization. Challenging the notion
that the Fed Chair controls the organization as an all-powerful
technocrat, he explains how institutions and individuals--within
and outside of government--shape Fed policy. Conti-Brown
demonstrates that the evolving mission of the Fed--including
systemic risk regulation, wider bank supervision, and as a guardian
against inflation and deflation--requires a reevaluation of the
very way the nation's central bank is structured. Investigating how
the Fed influences and is influenced by ideologies, personalities,
law, and history, The Power and Independence of the Federal Reserve
offers a clear picture of this uniquely important institution.
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